Results are presented on creation of novel methods for reduction of errors in measured properties of thermoelectric materials obtained by using object-oriented computer simulation for study of real physical models of the absolute method. The effects of radiation, heat losses along the electrodes, design elements of the measurement setup, non-dot-matrix of probes and sensors, and imperfection of thermal and electric contacts have been determined. Methods of eliminating errors due to these effects have been developed. Automated measuring equipment for complex study of thermoelectric material properties has been created, offering accuracy in thermoelectric figure of merit determination several times higher than conventional analogs. Values of errors obtained during measurements of Bi-Te-based materials within the temperature range from 30°C to 500°C include ∼0.5% for electrical conductivity, ∼0.7% for thermoelectromotive force, ∼3% for thermal conductivity, and ∼4.7% for figure of merit (Z). The dynamic processes of achieving steady-state measurement conditions and possible errors due to deviations from these conditions are investigated. Functions of current through the sample, reference heater, and radiation shield heater are determined, whereby measurement speed is increased, which is of particular importance for investigation of large-size samples, such as parts of thermoelectric material ingots.